The Shevet Yehuda specifically says that Jewish flaunting of wealth was a cause of some of the persecutions in Spain, at a time when the goyim were economically depressed.
AFAIK, there are sadly tons of acheinu bnei yisroel eating in soup kitchens, schnorring, and desperate for a job. We need vocational training and parnassa, not shtus like Rolexes.